Fundraising FoxSplit Rock Partners
Venture capitalEden Prairie · Seed–Late Stage · 4 people tracked
Also known as Splitrock
Find your way into Split Rock Partners
475 people in our graph share verified history with the Split Rock Partners team — schools, employers, funds. One of them is your warm intro.
Investment thesis
Split Rock Partners supports entrepreneurs building leading software and cloud-based services companies. The firm emphasizes relationships grounded in integrity and mutual respect, partnering with strong management teams to address the challenges of scaling. Drawing on decades of experience with emerging companies, it takes a patient, flexible approach adapted to each company's needs. Split Rock invests from early revenue generation onward and focuses on cloud services, next-generation enterprise software and infrastructure, analytics and big data, and marketing technology, supporting companies throughout their pursuit of market leadership.
Source: firm website, verified Sep 29, 2026.
Team · 4 people
from public directories
What they invest in
from 8 of 12 portfolio companiesHealthtech ×5AI & Machine Learning ×3SaaS ×3Medical Devices ×2Cloud Computing ×1Consumer ×1Cybersecurity ×1Developer Tools ×1
HQs:United States×10Australia×1
Investments · 12 tracked
founders shown can be your intro pathBy year:2019 · 12017 · 22016 · 12015 · 32007 · 18 dated
EBR Systems develops the WiSE cardiac pacing system, a leadless and physiologic medical device for treating heart failure patients.
HealthtechMedical DevicesSilicon Valley, AU
Parker Willis(Executive Officer)inAllan Will(Executive Chair)inJohn McCutcheon(President, Chief Executive Officer)inMark Cowan(Executive Officer)inStephen O'Conner(Executive Officer)Richard Riley(Executive Officer)
Board seatDave Stassen· per SEC Form D · $56M raise · filed Nov 2017
Co-investorsAscension VenturesEmergent Medical Partners, LLPRunway Growth CapitalMorgenthaler
SPS Commerce is a supply chain and retail network software company that enables retailers, suppliers, and logistics partners to manage inventory, orders, and supply chain operations.
AI & Machine LearningE-commerceLogistics & Supply ChainSaaSMinneapolis, US
Chad Collins(Chief Executive Officer)inJim Frome(Executive Officer)inKim Nelson(Executive Officer)inDan Juckniess(Executive Officer)inJamie Thingelstad(Executive Vice President & Chief Technology Officer)inArchie C. Black(Executive Officer, Director)in
Co-investorsPartinc CapitalSeyen CapitalBVCFCID Capital
Nuvaira develops the dNerva Lung Denervation System, a catheter-based device used in a one-time, outpatient bronchoscopic procedure that disrupts pulmonary nerve input to treat chronic obstructive pulmonary disease (COPD).
HardwareHealthtechMedical DevicesMinneapolis, US
Martin Mayse(Founder)inSteve Dimmer(Founder)inDennis Wahr(President & CEO)inLisa Flaherty(Chief Strategy Officer)inSteve Sathre(Vice President of Finance)inSteve Paidosh(Vice President of Operations)
Board seatDave Stassen· per SEC Form D
Co-investorsWindham Capital PartnersEndeavour VisionLightstone VenturesMorgenthalerQiming Venture PartnersRichard King Mellon Foundation+2 more
Acquia provides digital experience platform software and services built around Drupal that enables enterprises to manage content, build websites and applications, and deliver experiences across multiple channels.
AI & Machine LearningCloud ComputingDeveloper ToolsEnterprise SoftwareMarketing TechSaaSBoston, US
Dries Buytaert(Co-Founder, Executive Chairman)inThomas N. Erickson(Chief Executive Officer, President)Michael Cayer(General Counsel and Secretary)William Sorenson(Chief Financial Officer)in
BoardRavi Viswanathan(Director)inBrian Paul(Director)in
Co-investorsVista Equity PartnersBantam GroupCenterview Capital TechnologyG20 VenturesGolub GrowthNew Enterprise Associates (NEA)+4 more
Code42 (now part of Mimecast) offers Incydr, a data loss prevention and insider risk management tool that detects and blocks data exfiltration across work channels, including uploads to unsanctioned generative AI tools.
AI & Machine LearningCybersecuritySaaSMinneapolis, US
Matthew Dornquast(Director)Mitch Coopet(Founder)inElizabeth Fortier(Executive Officer)Joe Payne(Executive Officer, Director)in
BoardHarry Gruner(Director)inPing Li(Director)in
Co-investorsAccelJMI EquityNew Enterprise Associates (NEA)NewView CapitalRealization Capital PartnersSecond Alpha Partners
Colorescience is a professional skincare brand that develops mineral-based sun protection (SPF), skincare, and color correction products, originally created for post-procedure skin and marketed for all ages and skin types.
ConsumerDirect to ConsumerHealthtechWellness & FitnessCarlsbad, US
Stephen Loomis(Executive Officer)Mary Fisher(Executive Officer, Director)inTheodore Ebel(Executive Officer)Josie Juncal-Schwarz(Executive Officer)
BoardM Bolyard(Director)Brian Dovey(Director)in
Co-investors1315 CapitalAisling CapitalRevelation PartnersDomain AssociatesHealthCare Ventures, LLCLongwood Fund+2 more
HealthtechWaltham, US
Adam Gridley(Executive Officer, Director)Peter Greenleaf(Executive Officer, Director)
BoardJoshua Baltzell(Director)Kevin Rakin(Director)Garheng Kong, M.D., Ph.D.(Director)John J. Johnson(Director)
Co-investorsSofinnova VenturesFOUNDATION MEDICAL PARTNERS
Leverages offline data and predictive scoring to help brands, agencies, and platforms more accurately and efficiently target people across digital channels and devices at scale.
Saint Cloud, US
David Dowhan(Executive Officer, Director)Julie Theisen(Executive Officer)Patricia Thompson(Executive Officer)Ben Boyer(Director)James Simons(Director)Gordon O. Meyer(Director)
Co-investorsRedpoint VenturesTenaya Capital
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Exits · 3
2 IPOs · 1 acquisitionsEBR SystemsOTC: EBRCZSPS CommerceNASDAQ: SPSCEvalveacq. by Abbott Vascular
Fund performance · per public LP disclosures · 2
as of Dec 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Split Rock Partners II, LPLPs: Minnesota State Board of Investment | 2008 | — | 5.5% | 1.37x | 1.19x |
| Split Rock Partners LPLPs: Minnesota State Board of Investment | 2005 | — | 3.2% | 1.30x | 1.23x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
IPO stake values · per SEC filings
Value of this firm's stake in each portfolio company at its IPO price, from the prospectus principal-stockholder table.
| Company | Owned | IPO price | At IPO | Stake value |
|---|---|---|---|---|
| SPS Commerce | 11.2% | $12.25 | Dec 2010 | $16M |
Source: SEC S-1 / 424B prospectus filings. Stake value = shares beneficially owned × the initial public offering price, as disclosed — a market value at IPO, not a return multiple (the firm's original cost is not disclosed).
Frequently asked questions
- How many investments has Split Rock Partners made?
- Split Rock Partners has 12 tracked investments, 3 of which have exited.
- What stage does Split Rock Partners invest at?
- Split Rock Partners invests at the Seed, Series A, Series B, Series C, Growth, Late Stage stages.
- What is Split Rock Partners's typical check size?
- Split Rock Partners typically writes checks of $2M – $40M.
- What sectors does Split Rock Partners focus on?
- Split Rock Partners focuses on Biotech, Cloud Computing, Consumer, Data & Infrastructure, Enterprise Software, Healthtech, Marketing Tech, Medical Devices, SaaS.
- Where is Split Rock Partners located?
- Split Rock Partners is headquartered in Eden Prairie, US.
- Does Split Rock Partners lead rounds?
- Yes, Split Rock Partners leads investment rounds.
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